A business law blog published by the business lawyers at AttorneyBritt - Gary L. Britt, CPA, J.D. Commentary and information regarding the laws and regulations applicable to individuals, corporations, partnerships, and limited liability companies (LLCs); as they relate to the myriad of business transactions, contracts, and agreements every business owner, shareholder, member, physician, and/or health care provider must consider.

Monday, January 19, 2015

5 Pillars of Small Businesses Success

What does it take for a small business to achieve success?
Whether you’re already in business, or preparing to start a business,
it takes hard work, tenacity and drive to achieve a high level of
success. Lori Greiner, star shark of ABC’s Shark Tank says, “Entrepreneurs are willing to work 80 hours a week to avoid working 40 hours a week.”

According to Elizabeth Wilson of Entrepreneur Magazine, while some 40
million businesses are started each year, a paltry 350,000 break out of
the pack and begin growing and making money. So how can a small
business owner overcome some of the common business pitfalls? Marcus
Lemonis, CEO of Camping World and star of CNBC’s prime time reality
series The Profit, knows all about determining
the success or failure of a business. Lemonis says, “Business success
is about the three P's: People, Process and Product.” Here are five
pillars that make a small business successful.

1) People

If you want your small business to succeed, you need a fantastic
team. Russell Simmons, Entrepreneur and founder or Def Jam Recordings
says, “Surround yourself with people that are smarter than you.” A
company can accomplish amazing things when it has leadership and a team
who is inspired, hardworking and believes in the company’s mission.

2) Plan

“Quality is the best business plan, period,” says John Lasseter,
chief creative officer for Pixar and Disney. Just about everyone in the
business world agrees that having a plan is important. And that doesn’t
mean the big formal business plan document you fear like a term paper.
It starts small and may grow in time. At a start-up, implementation is
everything. That means it’s essential to establish responsibilities, set
goals, and track performance. You will also need to answer key
questions, such as:

Have you identified your target customers?

What problems are you trying to solve for them?

What will be the most effective marketing and promotional strategies?

3) Process

Dr. W. Edwards Deming said, “85 percent of the reasons for failure to
meet customer expectations are related to deficiencies in systems and
processes…rather than the employee.” It’s crucial that you have a full
and clear understanding of your company’s processes and have the right
systems in place.

4) Product

Does your product solve a problem? Does it exist yet? Is there
something that is out there that your product does in a different way? Is there a demand for your product?
Success in business requires doing something you’re passionate about
that fills a need in the marketplace. Debbi Fields, Founder of Mrs.
Fields Bakeries says, “Once you find something you love to do, be the
best at doing it.”

5) Profit

When it comes to measuring a successful business, profitability is
probably the first thing that comes to mind. Is the company making
money? A critical component of running a successful business is knowing
your numbers. “If you want to be successful in business, you need to
become proficient at handling certain numbers. You need to be able to
read and understand your financial dashboard” says Dawn Fotopulos,
Associate Professor of Business at The King’s College in New York.
Starting and running a successful business can be a fulfilling and
rewarding experience. You as a small business owner should never stop
learning, innovating, planning and growing. “Leaders spend five percent
of their time on the problem and 95 percent of their time on the
solution. Get over it & crush it!” says Tony Robbins.

Originally published by Marco Carbajo on SBA.gov. Published: January 13, 2015

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About Me

AttorneyBritt - Gary L. Britt, CPA, J.D. is both a lawyer and Certified Public Accountant (CPA). I have over 30
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